Fasset reaches unicorn status after $68 million raise led by SBI Group

Fasset has raised $68 million in a Series C led by Japan's SBI Group, valuing the stablecoin-focused neobanking platform at $1 billion as it expands its cross-border settlement infrastructure.

The Los Angeles-based company said in a statement shared with The Block that it will use the funding to expand Own Network, its regulated financial infrastructure connecting banks, payment providers, liquidity providers, and other financial institutions across more than 100 banking corridors. 

Fasset also plans to invest in AI-enabled systems for corridor banking, stablecoin settlement, and tokenized assets, it added. 

"The next phase is about any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere," Fasset CEO Mohammad Raafi Hossain said in the statement.

According to the statement, the round follows the company's $51 million Series B in May, bringing its total funding raised in 2026 to $119 million. 

Stablecoins

SBI Group's investment expands its relationship with Fasset as stablecoins gain a larger role in cross-border payments and settlement infrastructure.

Total USD-pegged stablecoin supply has grown to more than $290 billion, according to The Block's data dashboard. Tether's USDT accounts for more than $183 billion of the total, while Circle’' USDC has $73.6 billion.

Stablecoin payment infrastructure is also increasingly being built around existing financial networks. Rain CEO Farooq Malik said last week that stablecoin payments facilitated by the company already reach more than 100,000 merchants through Visa's network, with transactions currently settling in about three days.

Meanwhile, in Hong Kong, Standard Chartered-backed Anchorpoint began a phased rollout of its HKD-backed stablecoin HKDAP on Aug. 12, initially targeting cross-border payments and the settlement and distribution of tokenized real-world assets.